Timecode in Final Cut Pro

In video editing, a timecode is a special signal that is
recorded with your video that provides a unique identifier for every
frame on a videotape by creating a timestamp in hours, minutes, seconds
and frames. The timecode of a video uses the following format:
01:23:45:28 (hours: minutes: seconds: frames).

The timecode was invented in the late 1960s in order to give editors
the ability to use computer video editing systems that can find specific
frames and also record editing decisions that can be performed over and
over again. In 1967, the Society of Motion Picture and Television
Engineers (SMPTE) recognized several electronic timecode formats.
However, the format shown above has since become the standard for
timecodes in video.

Timecodes and Final Cut Pro

Final Cut Pro uses the video timecode for synchronization between
audio and video clip items. It also uses timecode is to create project
interchange objects (such as Edit Decision Lists). Additionally, Final
Cut Pro uses the timecode for recapturing clips from tape or other
media. Whenever you play clips in Final Cut Pro, the program displays
the timecode of the media and also uses the timecode to allow you to
navigate in your clips and sequences.

Displaying the Timecode in Final Cut Pro

In Final Cut Pro, a clip's timecode is displayed by default, and the
program reads the timecode from the timecode track on the tape or media.
Final Cut Pro stores timecodes in media files and not directly on the
clip. This timecode is often referred to as the source timecode because
it is the same value as the timecode on the original source tape. If the
display source timecode is being displayed, you are viewing the
timecode that comes directly from the timecode track on the media files
or tape.

Timecode Display Options in Final Cut Pro

Final Cut Pro offers many display options for timecodes. However, not
all of the display options will be available for all frame rates.
Nevertheless, the program supports the following timecode display
options:

Non-Drop Frame: The counter of the timecode updates at a
consistent rate without skipping or dropping numbers in the count. The
non-drop frame timecode display is available for all frame rates
supported by the program.

Drop Frame: With this display type, frame 0 and 1 are skipped
during the very first second of every minute of footage. The exception
to this is when the minute number is exactly the advisable by 10. Final
Cut Pro does not display dropped numbers as they have been dropped and
are not located on your media or tape. This type of display is only
available for frame rates of 29.97fps or NTSC media files.

Frames: When timecodes are displayed this way, an absolute
frame rate count is displayed rather than hours, minutes, seconds and
frames. This this option is available for any frame rate.

60 @ 30: This display option shows 60 fps video with a 30 fps
timecode. You can use this option to display timecode for 60fps
formats, such as 720p60, using a more familiar 30fps timecode. This
option will allow you to match the timecode display on many VTR's that
support 60fps formats. Each timecode number represents two video frames,
and the second frame is indicated by an asterisk (*). Final Cut Pro
only allows this option with 60 and 59.94 frames per second high
definition files.

Feet + Frames: This option displays the timecode in terms of
film feet and frames and uses the default film standard assigned in
Project Properties. You can change the current film standard in your
project by going to Project Properties and selecting an option from the
Default Film Standard pop-up menu.